Yesterday’s sell-off might just be the dumbest move we saw happen in the bitcoin crypto market. People were panicking all over again, but this time- it was not China FUD or any mining-related issue; it was mainstream media and US government officials spreading fake news on bitcoin wallets being hacked. While this was happening, one of the richest bitcoin holders went shopping and took full advantage of this second major market dip.
Now, the most surprising part about this particular holder’s address is that- he acquired 521 additional bitcoins from the amount he made, selling 3000 bitcoins at an average of $58k. And he did it again yesterday. If you see the image below, you can see that this address is in the fourth position with over 100k bitcoins.
And now, he has more than 112k bitcoins, which means he bought nearly 12k additional bitcoin in a matter of three weeks. The number of bitcoins he bought is not the mind-blowing, but the manner in which he accumulated is shocking.
Now we already knew that this address holds bitcoin since early 2019 and bought most of its share under $10k. The same thing we can see happening now. He is constantly ‘buying the dip’ and using these crashes, or shall we call it panic selling, to his advantage. The dip that took place yesterday was completely based on FUD and fear in retail investors. He used it as a buying opportunity and accumulated nearly 3700 bitcoins at an average price of $32k.
The thing that is even more surprising is that he never bought bitcoin for more than $40k in the last month, so that implies he purchased more than 13k bitcoins with an average price range between $38k- $40k.
He has made so many such smart moves over the last couple of years, and it seems like he never failed to buy the dip. Every collapse turned into an opportunity to acquire more bitcoin. While the whole market was waiting for confirmation, this holder proved to have the real diamond hands in acquiring more bitcoin.
Born and brought up in India, Karthikeya Gutta is a crypto journalist and freelance contributor for ItsBlockchain. He covers various aspects of the industry with in-depth analysis and research. His passion towards blockchain and crypto ecosystem is mainly because he believes it can really change the world and help millions of people.
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